The president of Russia, Vladimir Putinaffirmed today that the dynamics of the Russian economy in 2022 was better than many forecasts and that its contraction is expected to be of the order of 2.5%, when some predicted a drop in gross domestic product (GDP) of 20%. “Our task is to maintain and strengthen this trend,” […]
Tag: Russian economy
Russian economy goes back to 2018 in a single quarter due to war
In a bleak retelling of the war for Russia, an economy gathering speed in early 2022 entered a contraction during the second quarter. Data released on Friday showed gross domestic product contracted for the first time in more than a year, but less than expected, falling 4% annually. Factoring in lost output, GDP is now […]
Russia feels impact of sanctions; inflation collapses economy
Russia is heading for one of its biggest inflation spikes this century after the wave of sanctions over its invasion of Ukraine caused the ruble to collapse and disrupt its trade. In the first week since the military offensive began in late February, prices for new domestic cars soared more than 17% and the cost […]
Biden leans on consumers to pressure Russian economy
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The Biden Administration is leaning on American consumers to help pay the price for its economic pressure campaign against Russian President Vladimir Putin. Tuesday’s White House announcement to ban US imports of Russian fossil fuels marked the latest move against Russia. It also reveals that the war in Ukraine will affect Americans at gas stations […]